Prices & Performance

Prices

as of 04/22/19

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$10.43 $0.03 0.29% -4.75% -4.75% 9.56%

Performance

 

as of 02/28/19

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QTD1 YTD1 Expense Ratio2
Gross Net
BHCUX - Baron Health Care Fund - R6 14.71% 14.71% 1.71% 0.85%
Russell 3000 Health Care Index 8.10% 8.10%
S&P 500 Index 11.48% 11.48%

as of 03/31/19

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YTD1 Expense Ratio2
Gross Net
BHCUX - Baron Health Care Fund - R6 15.02% 1.71% 0.85%
Russell 3000 Health Care Index 8.67%
S&P 500 Index 13.65%

as of 03/31/19

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Year Baron Health Care Fund Russell 3000 Health Care Index S&P 500 Index
2018 -4.80% 4.85% -4.02%

This information is not currently available.

 
NAV $10.43
Daily Change ($) $0.03
Daily Change (%) 0.29%
MTD -4.75%
QTD -4.75%
YTD 9.56%
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BHCUX - Baron Health Care Fund - R6 Russell 3000 Health Care Index S&P 500 Index
QTD1 14.71% 8.10% 11.48%
YTD1 14.71% 8.10% 11.48%
Expense Ratio2 - Gross 1.71%
Expense Ratio2 - Net 0.85%

*As of 02/28/19

*Annualized as of 03/31/19

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BHCUX - Baron Health Care Fund - R6 Russell 3000 Health Care Index S&P 500 Index
YTD1 15.02% 8.67% 13.65%
Expense Ratio2 - Gross 1.71%
Expense Ratio2 - Net 0.85%

*As of 03/31/19

*Annualized as of 03/31/19

as of 04/23/19

3 Years 5 Years 10 Years Since Inception

as of 03/31/19

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Year Baron Health Care Fund Russell 3000 Health Care Index S&P 500 Index
2018 -4.80% 4.85% -4.02%

Portfolio Characteristics

 

as of 03/31/19

Baron Health Care Fund Russell 3000 Health Care Total Return Index
Net Assets$10.07 million
# of Equity Securities / % of Net Assets45 / 91.8%
Active Share78.4%
Median Market Cap$7.50 billion$0.85 billion
Weighted Average Market Cap$39.77 billion$119.80 billion
EPS Growth (3-5 year forecast)31.7%12.4%
Price/Earnings Ratio (trailing 12-month)34.624.8
Price/Book Ratio6.34.2
Price/Sales Ratio3.92.1
Current Expense Ratio Date12/31/2018

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 03/31/19

Open All Close All Holding Sector % of Net Assets

UnitedHealth Group Incorporated

UnitedHealth Group Incorporated (UNH) is a diversified health and well-being company with $200 billion in revenue that operates across four segments: United Healthcare, Optum Health, OptumInsight, and OptumRX. The company serves 134 million individuals in all 50 states and more than 125 countries.
At twice the size of the next largest health maintenance organization by revenue, UnitedHealth is the leading health care franchise in the U.S. We believe it should continue to see strong growth and profitability driven by positive demographic trends and its ability to manage health care costs by leveraging its size and scale, continuing its industry-leading technology investments, expanding its expertise in population health, and continuing to grow its portfolio of providers, all of which enables it to keep and effectively manage more of its health care spending in- house.

Health Care 6.0%

argenx SE

argenx SE (ARGX) is a biotech company developing antibodies for the treatment of autoimmune disorders and cancer based on the uniquely powerful immune system of llamas.
argenx's main product, ARGX-113, which treats a rare muscle weakness disorder, showed positive results in a recent clinical trial and has potentially broad applicability in ameliorating overactive antibody-based diseases. We expect the share price to increase as the company proves its products' effectiveness in multiple autoantibody disorders.

Health Care 4.7%

Abbott Laboratories

Abbott Laboratories (ABT) is a global manufacturer and provider of health care products and medical devices in the areas of nutritionals, diagnostics, vascular intervention, diabetes, coronary, endovascular, and structural heart disease.
We expect Abbott to generate mid-to-high single digit organic revenue growth driven by multiple key products, including the Freestyle Libre glucose monitoring system for people with diabetes, the MitraClip device for mitral valve regurgitation, and the Alinity family of next-generation core lab systems. We think Abbott can generate mid-teens constant currency EPS growth.

Health Care 4.6%

Bio-Techne Corporation

Bio-Techne Corporation (TECH) is a leading developer and manufacturer of life sciences tools, such as high-quality purified proteins and protein analysis tools, which are sold to biomedical researchers and clinical research laboratories.
We believe Bio-Techne's core biotech reagents business is an attractive business which we think will generate consistent mid-single digit growth, very high margins, and strong free cash flow. Management has added several new growth drivers for the company through acquisitions, including an automated Western blotting platform and a urine-based prostate cancer biomarker test to reduce unnecessary prostate biopsies in men 50 or older with a PSA value between 2-10. The company's organic growth has been accelerating and we think the runway for growth is long.

Health Care 4.2%

Sage Therapeutics, Inc.

SAGE Therapeutics, Inc. (SAGE) is developing treatments for central nervous system disorders, focusing on depression. Lead asset SAGE-547 is being developed for post partum depression (PPD) and major depressive disorder, with initial PPD commercialization expected this year.
We believe SAGE-547 has the ability to change the paradigm in treatment of post partum depression. Confidence comes from strong Phase 2 and 3 results and the FDA's identification of SAGE-547 as a breakthrough drug. SAGE is also led by a talented CEO, Jeff Jones, who has 20+ years of experience in central nervous system-based development as a former CMO of Forest Labs. Finally, in our view, SAGE has impressive data for a major depression drug.

Health Care 3.8%

Vertex Pharmaceuticals Incorporated

Vertex Pharmaceuticals Incorporated (VRTX) is the leader in cystic fibrosis (CF) treatment. Vertex has three currently approved and marketed drugs, each for treatment of differing subsets of CF. These drugs represent paradigm shifts for CF patients hoping to extend their lives beyond their 30s-40s.
We believe Vertex can grow revenue and earnings in the double digits upon approval of the expanded access of its drugs into Europe. Longer term success over the next three to five years will depend on its development of a novel pipeline targeting diseases like sickle cell anemia or alpha-1 anti-trypsin disease.

Health Care 3.6%

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG) manufactures and markets the da Vinci Surgical System, a robotic surgical system used for minimally invasive surgical procedures.
We believe a large number of medical procedures that are currently performed using open surgery will be performed using Intuitive Surgical’s da Vinci System in the future. Robotic surgery is less invasive than open surgery, and patients experience less blood loss, less nerve damage, reduced pain, and faster recovery. Intuitive generates a large and growing portion of its revenue from recurring procedures. We expect the company’s revenue and earnings to grow at attractive rates as procedure volumes increase.

Health Care 3.2%

DexCom, Inc.

DexCom, Inc. (DXCM) sells a continuous glucose monitoring device for patients with diabetes.
Continuous glucose monitoring (CGM) is rapidly replacing finger sticks in the U.S. and abroad. DexCom offers the most accurate CGM sensor in the marketplace. We believe Dexcom can continue to generate attractive growth driven by continued penetration into the insulin intensive market and expansion into new markets including the much larger non-insulin intensive market, the gestational diabetes market, and the hospital market.

Health Care 3.0%

Illumina, Inc.

Illumina, Inc. (ILMN) is the recognized leader in next- generation DNA sequencing platforms.
Illumina has a dominant position in DNA sequencing technology, which is increasingly being used for patient care in the diagnosis and treatment of cancer and in reproductive health. We believe the company has a large addressable market and is in the early stages of its growth. Illumina's R&D spend as a percentage of sales is significantly higher than that of its peers, which allows the company to continue to innovate. The company has an attractive razor/razorblade business model with strong recurring revenue and profit margins that we believe have room to expand.

Health Care 3.0%

IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. (IDXX) is the leading provider of diagnostics to the veterinary industry.
IDEXX has continued to benefit from secular growth spending on pets, due to a growing human-animal bond, favorable demographics, increased use of diagnostics, and enhanced focus on preventative care. We think IDEXX has the best menu of diagnostics, which it has continuously improved by spending six times more on R&D annually than all its competitors combined. The company's products are sold via a razor/razorblade model, which creates high retention rates and incremental margins. IDEXX generates strong cash flow, which it has returned to shareholders via repurchases.

Health Care 2.9%

Total

39.0%

as of 03/31/19

Name Sector % of Net Assets

UnitedHealth Group Incorporated

Health Care 6.0%

argenx SE - ADR

Health Care 4.7%

Abbott Laboratories

Health Care 4.6%

Bio-Techne Corporation

Health Care 4.2%

Sage Therapeutics, Inc.

Health Care 3.8%

Vertex Pharmaceuticals Incorporated

Health Care 3.6%

Intuitive Surgical, Inc.

Health Care 3.2%

Illumina, Inc.

Health Care 3.0%

DexCom, Inc.

Health Care 3.0%

IDEXX Laboratories, Inc.

Health Care 2.9%

INSULET CORPORATION

Health Care 2.8%

AstraZeneca PLC

Health Care 2.7%

HCA Healthcare, Inc.

Health Care 2.6%

Ligand Pharmaceuticals Incorporated

Health Care 2.5%

Acceleron Pharma Inc.

Health Care 2.5%

CareDx, Inc.

Health Care 2.4%

Teleflex Incorporated

Health Care 2.4%

Dechra Pharmaceuticals PLC

Health Care 2.3%

Intersect ENT, Inc.

Health Care 2.0%

Mettler-Toledo International, Inc.

Health Care 2.0%

Alexandria Real Estate Equities, Inc.

Real Estate 2.0%

The Cooper Companies, Inc.

Health Care 1.9%

Edwards Lifesciences Corp.

Health Care 1.9%

Veeva Systems Inc. Cl - A

Health Care 1.7%

Align Technology, Inc.

Health Care 1.6%

Neurocrine Biosciences, Inc.

Health Care 1.5%

Covetrus, Inc.

Health Care 1.5%

Inspire Medical Systems, Inc.

Health Care 1.4%

Eurofins Scientific SE

Health Care 1.4%

HUMANA, INC.

Health Care 1.3%

ICON plc

Health Care 1.2%

BOSTON SCIENTIFIC CORP.

Health Care 1.2%

ViewRay Incorporated

Health Care 1.2%

Abcam plc

Health Care 1.0%

AnaptysBio, Inc.

Health Care 1.0%

Zai Lab Limited -Adr

Health Care 1.0%

InflaRx N.V.

Health Care 1.0%

Arrowhead Pharmaceuticals, Inc.

Health Care 1.0%

Guardant Health, Inc.

Health Care 0.8%

Sarepta Therapeutics, Inc.

Health Care 0.8%

Aerie Pharmaceuticals, Inc.

Health Care 0.6%

HealthEquity, Inc.

Health Care 0.5%

West Pharmaceutical Services, Inc.

Health Care 0.5%

Neogen Corp.

Health Care 0.3%

AxoGen, Inc.

Health Care 0.3%

GICS SECTOR BREAKDOWN

As of 03/31/19

As of 03/31/19

Contributors/Detractors

Quarterly as of 03/31/19

Top Contributors Average Weight Contribution
Sage Therapeutics, Inc. 3.23% 1.52%
argenx SE 4.90% 1.37%
Bio-Techne Corporation 4.11% 1.36%
Guardant Health, Inc. 1.02% 0.86%
Dechra Pharmaceuticals PLC 2.27% 0.70%

Quarterly as of 03/31/19

Top Detractors Average Weight Contribution
Medtronic Public Limited Company 0.59% -0.18%
DexCom, Inc. 1.85% -0.14%
Covetrus, Inc. 0.53% -0.13%
WellCare Health Plans, Inc. 0.49% -0.11%
Cantel Medical Corp. 0.92% -0.07%

Insights & News

Documents

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

RISKS: In addition to general market conditions, the value of the Fund will be affected by investments in health care companies which are subject to a number of risks, including the adverse impact of legislative actions and government regulations. The Fund is non-diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. The Fund invests in small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The Russell 3000® Health Care Index is an unmanaged index representative of companies involved in medical services or health care in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively impact the performance results. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.